REDWOOD SHORES, Calif., Sept. 20,
2017 /PRNewswire/ -- A new Oracle Communications survey
announced today "Monetization as a Competitive Advantage: New
Services, New Opportunities," highlighted the need for enterprises
to move quickly to monetize new services to enhance customers
interactions. The study found that enhancing customer experience is
the most critical business objective for enterprises today and 75
percent of respondents see launching subscription-based services as
a top priority as they look to digitally transform their customer
engagement strategy.
To learn more about the study download the Infographic.
"Delivering an unmatched customer experience is now the source
of competitive differentiation in all industries," said
Doug Suriano, senior vice president,
general manager, Oracle Communications. "Today's subscription
monetization goes well beyond simple billing and receivables, and
has only scratched the surface of what's to come in the way of new
digital services. Companies who create an agile, flexible program
that can meet the needs of their customers today and well into the
future will win."
Companies are looking to deepen customer relationships by
shifting the delivery of goods and services that require just a
single touchpoint, to ones that foster recurring interactions.
Whether companies are looking to monetize connected cars, using
sensors to aggregate and monetize data, or transitioning their
products to a Software as a Service (SaaS) delivery model, they are
undergoing a digital transformation that requires flexible new
pricing, billing, revenue management, and real-time subscriber
management capabilities. However, only 26 percent of respondents
have currently implemented a monetization solution. To compete for
customer loyalty, companies need to move fast. Those companies that
are already launching subscription-based services are reaping the
benefits and a competitive advantage – with revenue growth reaching
one to nine percent higher than plan.
The survey also found that:
- New Pricing Models are on the Rise: 63 percent of
enterprises are implementing new ways to monetize their offerings
with packaged/bundled products or digital services and 61 percent
plan to offer usage/consumption based charges.
- New Models Require Modern Solutions: 54 percent of
enterprises agree that their existing billing/monetization
processes aren't capable of handling the current and future needs
of their organization. These enterprises also noted that without a
new monetization solution they fear loss of revenue, slower growth
and loss of customers. As such, future capabilities in monetization
technology are critical in the selection process, with 63 percent
of respondents noting they are thinking 3-5 years out in terms of
needed capabilities.
- Enterprises Require an Integrated Experience: 62 percent
of enterprises are looking for a single vendor for CRM, ERP, and
monetization solutions as opposed to using separate vendors for
each; and 68 percent agree it is important for their monetization
solution to tightly integrate with their CRM system.
Part of the Oracle Communications portfolio, Oracle Monetization
Cloud empowers innovative businesses to launch competitive pricing
models in the era of digital commerce. The new cloud service
accelerates time to market for digital and subscription-based
products and services by enabling the full life cycle of customer
on-boarding, offer creation, robust rating and discounting,
billing, customized invoicing and reporting.
Additional Information
To learn more about Oracle Communications solutions, please
connect on Twitter @OracleComms and at
facebook.com/oraclecommunications, or visit
oracle.com/communications.
About Oracle
The Oracle Cloud offers complete SaaS
application suites for ERP, HCM and CX, plus best-in-class database
Platform as a Service (PaaS) and Infrastructure as a
Service (IaaS) from data centers throughout the Americas,
Europe and Asia. For more information about Oracle
(NYSE:ORCL), please visit us at oracle.com.
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SOURCE Oracle